Well, big deals are happening in China, including a fresh agreement on saving the climate between the world's two largest carbon emitters. The thing about this deal is it doesn't feel like the United States got much out of it, unless you count the fact it probably means an avalanche of new regulations to meet the challenge of being a great global citizen. This will come at the expense of making life more expensive for business and individual households, but we leave the summit with something to brag about...I guess.

Of course, the United States already had some rather Draconian measures in place that have crushed the coal industry and limited the drilling miracle.

Make no mistake, or to coin a phrase "let me be clear," America’s carbon emission is already significantly lower, but that is all about drilling and fracking and the oil industry using unheralded technology that has made the difference in the economy (we would still be in the Great Recession without it) by creating very well-paying jobs and tax revenue for state coffers.

Be that as it may, now the new deal puts more pressure on the United States:

The US pledges to reduce emissions up to 28% by 2025 from our previous goal of 17% by 2020.

China pledges to cap their emissions by 2030 and if possible make non-fossil fuels up to 20% of total emissions by 2030.

They also sold President Obama a bridge in Brooklyn and mentioned they might even throw in a canyon, too.

The Crony Capitalist Side of Being Great Global Citizen

While the President's new emissions goal will mean higher cost for Americans, there is a group that's making out like bandits- his friends in the alternative energy industry. A terrible deal is going to get worst for taxpayers as we save the Ivanpah solar plant.

The inauguration for the plant was February 13^th this year, but it hasn't lived up to the hype and they need more money... or I should say, more of your money.

As impressive as the plant looks, its costs and audacity are more mindboggling. It took $1.6 billion of taxpayer funds, then NRG Energy (NGR) tossed in another $300 million, and Google, which sucks up more energy than most small countries, added another $168 million.

Now the plant needs more money, and it’s going back to the trough for $540 million of taxpayer money.  Essentially, they're going to use a Treasury Department loan to help pay a DOE loan. When it's all said and done, some experts say this project will cost $3.0 billion. Too much to justify all the money and controversy, like killing 28,000 birds a year, but just think if utilities in California weren't ordered to overpay for this energy, it would be an even bigger bust.

There are so many side deals involving political donors and causes that put environment and making money ahead of real progress for taxpayers. The return on investment for me and you is horrendously negative.

By the way, the plant only provides 65 jobs, and if it ever turns a profit, the last investors to be re-paid... taxpayers.

Today’s Session

The major indices opened lower this morning following the Dow Jones Industrail Average and S&P 500 reaching all-time highs during yesterday’s session. Since their lows in October, the NASDAQ and S&P 500 have gained 13.2% and 12.0%, respectively. This morning, we have a few economomic data releases, the Mortgage Bankers’ Association Purchasing Applications report, the Atlantic Fed Business Inflation Expectations Survey, and Wholesale Inventories, although none are expected to be major market movers.

Below is a  table with the companys that reported earnings yesterday afternoon and this morning. As earnings season concludes for the third quarter, corporate America is having a harder time delivering good news.